It’s sad what they have done to this company that was a part of GE heritage. There are no words for it at all. The same people are still there doing the same things they did 10 years ago and they will continue to do it until someone is brave enough to make changes.
The board is the same and I bet they haven’t taken any responsibility for this at all. There are some GE people still on that board. Shame on them for allowing this to happen.
I don’t think you can blame management entirely. Sure, long-term care is just not an insurable risk, far too much adverse selection. But the real problem is near zero interest rates with no end in sight. The whole insurance industry is doomed if it can’t make money on its reserves. The con(fidence) game will/must continue with companies projecting that things will get better as long as interest rates go back up before they go bankrupt.
They kept selling annuities even though they new the Company was coming apart. Zero transparency as demonstrated by the shock to the rating agencies and shareholders.
Both ratings and share price plummeted.
No annuity could meet suitability standards, when the company itself is not suitable to sustain the liability of the annuity.
2008 behavior. “The Big Short” and “Liar’s Poker” all over again.
All annuities and life policies issued after the second quarter of 2015 should be terminated at no charge to the annuity owners.
Genworth has been selling Long Term Care coverage for over a decade. They keep going to the state for rate increases. They cry they underestimated the cost of LTC.
For 15 years you keep making the same errors.
You can’t figure out the costs.
Big fraud!
Should not be allowed to keep raping the policy owners.
I agree. They raised our rate last year and now I have been told they are going to raise our rate 20% more again this year. I think somebody needs to be removed and sent back to school to learn how to do their job.
LTC is not an insurable risk because of adverse selection. Those with family structures determined to take care of Ma and Pa will not buy it. Those without money will not buy it. Those with plenty of money will not buy it. Only the narrow slice of the population that will likely use it will buy it and that is not a feasible insurable risk.
Life insurance is a more predictable and reliable risk but that business may encounter problems because they have built into their numbers a certain level of policy lapses and that may change as the children of the insured’s decide to keep paying the premiums. On top of it all is the big problem of near zero interest rates. the insurance industry has a big problem.
It’s sad what they have done to this company that was a part of GE heritage. There are no words for it at all. The same people are still there doing the same things they did 10 years ago and they will continue to do it until someone is brave enough to make changes.
The board is the same and I bet they haven’t taken any responsibility for this at all. There are some GE people still on that board. Shame on them for allowing this to happen.
I don’t think you can blame management entirely. Sure, long-term care is just not an insurable risk, far too much adverse selection. But the real problem is near zero interest rates with no end in sight. The whole insurance industry is doomed if it can’t make money on its reserves. The con(fidence) game will/must continue with companies projecting that things will get better as long as interest rates go back up before they go bankrupt.
They kept selling annuities even though they new the Company was coming apart. Zero transparency as demonstrated by the shock to the rating agencies and shareholders.
Both ratings and share price plummeted.
No annuity could meet suitability standards, when the company itself is not suitable to sustain the liability of the annuity.
2008 behavior. “The Big Short” and “Liar’s Poker” all over again.
All annuities and life policies issued after the second quarter of 2015 should be terminated at no charge to the annuity owners.
Genworth has been selling Long Term Care coverage for over a decade. They keep going to the state for rate increases. They cry they underestimated the cost of LTC.
For 15 years you keep making the same errors.
You can’t figure out the costs.
Big fraud!
Should not be allowed to keep raping the policy owners.
I agree. They raised our rate last year and now I have been told they are going to raise our rate 20% more again this year. I think somebody needs to be removed and sent back to school to learn how to do their job.
LTC is not an insurable risk because of adverse selection. Those with family structures determined to take care of Ma and Pa will not buy it. Those without money will not buy it. Those with plenty of money will not buy it. Only the narrow slice of the population that will likely use it will buy it and that is not a feasible insurable risk.
Life insurance is a more predictable and reliable risk but that business may encounter problems because they have built into their numbers a certain level of policy lapses and that may change as the children of the insured’s decide to keep paying the premiums. On top of it all is the big problem of near zero interest rates. the insurance industry has a big problem.